REPORT: Biden saved as much as $500,000 using tax loophole Obama tried to close
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Former Vice President Joe Biden saved half-a-million dollars on taxes using a loophole that former President Barack Obama attempted to abolish.
Biden and his wife, Jill Biden, channeled money from book sales and speeches through S corporations rather than claiming to be self-employed, skirting the 3.8% tax, according to tax records released this week and reviewed by the Wall Street Journal. The Bidens saved up to $500,000 with the shuffle.
The article goes on to state the following:
“There’s no reason for these to be in an S corp — none, other than to save on self-employment tax,” RubinBrown LLP accountant Tony Nitti said after reviewing the tax returns.
“Hypocrisy,” tweeted Charlie Kirk, Founder & President of Turning Point USA. “When he was in the White House, Joe Biden tried to repeal a tax loophole that allowed corporations to avoid an additional 3.8% tax. Yet when he filed taxes on his $15 million income, he used that very loophole he tried closing to skip out on $500,000 of taxes.”
— Janet Novack (@janetnovack) July 10, 2019
“New from me: Biden’s tax returns show that he used a tax loophole that Democrats have spent years trying unsuccessfully to shut down.” — Richard Rubin (@RichardRubinDC) on Twitter
New from me: Biden’s tax returns show that he used a tax loophole that Democrats have spent years trying unsuccessfully to shut down. https://t.co/CKVDZite1m
— Richard Rubin (@RichardRubinDC) July 10, 2019
Joe Biden funneled his book royalties and other earnings in 2017 and 2018 through s corporations to avoid paying a 3.8% self-employment tax. Obama tried to plug this exact loophole https://t.co/3TtfFbVvMU
— Michelle Hackman (@MHackman) July 10, 2019
— Eliza Collins (@elizacollins1) July 10, 2019
When he was in the White House, Joe Biden tried to repeal a tax loophole that allowed corporations to avoid an additional 3.8% tax
Yet when he filed taxes on his $15 million income, he used that very loophole he tried closing to skip out on $500,000 of taxes
— Charlie Kirk (@charliekirk11) July 10, 2019
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